If a loved one has recently died or become incapacitated, finding the person's estate planning documents is essential. Despite the importance of these documents, it's not uncommon for people to move them and fail to communicate exactly where they are. Scrambling to find the will and other estate plan documents can be a painful and stressful process.
You can and should do your best to control your assets from beyond the grave. If you are unable to do so, there may be obstacles to managing your estate.
While most people opt to have a lawyer draft their last will and testament, there is no requirement that an attorney do so. If you do opt to draft your own will, make sure to avoid the following five mistakes!
Only through a formal legal will can you designate your own executor, guardians for minor children, and other fiduciaries.
How much thought have you given to the decisions your family may face when contemplating the choice of maintaining or terminating life-sustaining medical treatment for you?
There have been some distinct changes in the American cultural and sociological landscape in recent decades. Among them is the increasing number of unmarried couples living together as lifetime partners. This trend has created estate planning challenges for the individuals involved.
Do you ever think about the need for life-support systems should you become “terminally ill” or “permanently unconscious” due to the possibility of experiencing a future accident or illness? What decision would you want your family to make if faced with the difficult choices involved with life-sustaining medical treatment for you?
Be sure to consult with your qualified team of tax, legal, and financial professionals. Early and thorough planning can help you avoid these common mistakes, meet your financial goals, and leave a lasting legacy for your loved ones.
When legendary singer Aretha Franklin died of advanced pancreatic cancer at age 76, she did not have a will or trust, according to documents filed in Oakland County Probate Court. And now the $80 million estate of the intensely private Queen of Soul is about to become very public – and possibly very taxing for her heirs.
Advance directives are legal instructions that express your wishes regarding financial and health care decisions in the event that you become unable to communicate them. They are essential estate planning tools for everyone, regardless of age. In the absence of such documents, court intervention (with the accompanying time and expense) may be necessary to carry out your financial and health care decisions.
